Business confidence and conditions suffered in the June quarter, according to new research.
The NAB Quarterly Business Survey revealed that a dip in confidence was driven by a pessimistic mining sector.
Falling equities and offshore concerns were also cited as possible reasons for the change in sentiment.
Lower borrowing rates and the falling Australian dollar are yet to translate into an improvement in sentiment, according to the survey.
“Business confidence pared back earlier gains, with the index slipping into negative territory in the June quarter. While better than 2012, confidence remains below long-run average levels,” said a statement from NAB.
“Business conditions were especially weak in mining, manufacturing and retail, suggesting lower borrowing rates and a falling Australian dollar have done little to support activity in these industries. The services sectors continue to outperform all other industries but even these appear to have been affected by weaknesses elsewhere.
“Conditions weakened across all states in the quarter with the exception of NSW. Weakness was particularly evident in WA, where the mining slowdown is gaining traction.”
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